Is Gold Facing A 6,000 Year Bubble?

Swiss Set For Gold Vote Amid '6,000-Year Bubble' Warning -- CNBC

With Switzerland edging toward an important referendum on its gold holdings, high-profile critics and advocates have added their voices to the argument. Meanwhile, the country's citizens have been quietly increasing their own personal reserves.

On Sunday, voters in the European country will head to the polls to decide whether the Swiss National Bank (SNB) should refrain from selling any more of its gold and instead boost its gold holdings from 7 to 20 percent.

The initiative is being proposed by the ultra-conservative Swiss People's party with the intention of boosting the security and independence of Switzerland. However, the idea has one very notable critic in Willem Buiter, the chief economist at the U.S. investment bank Citi, who has deemed the commodity to be in a 6,000-year bubble.

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My Comment: A 6,000 year bubble .... I doubt it .... and no surprise .... the trend continues to grow of countries demanding their gold holdings be transferred from the U.S. back to their own country's vaults .... Swiss, French call to bring home gold reserves as Dutch move 122 tons out of US (RT).

Update: This is priceless .... Kyle Bass Un-Edited: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!" (Zero Hedge).

Ukraine Now Admits That Its Gold Is Gone

21st Century Wire

Ukraine Admits Its Gold Is Gone: "There Is Almost No Gold Left In The Central Bank Vault" -- Zero Hedge

Back in March, at a time when the IMF reported that Ukraine's official gold holdings as of the end of February, so just as the State Department-facilitated coup against former president Victor Yanukovich was concluding, amounted to 42.3 tonnes or 8% of reserves...

... we reported of a strange incident that took place just after the Ukraine presidential coup, namely that according to at least one source, "in a mysterious operation under the cover of night, Ukraine's gold reserves were promptly loaded onboard an unmarked plane, which subsequently took the gold to the US." To wit:

Tonight, around at 2:00 am, an unregistered transport plane took off took off from Boryspil airport. According to Boryspil staff, prior to the plane's appearance, four trucks and two cargo minibuses arrived at the airport all with their license plates missing. Fifteen people in black uniforms, masks and body armor stepped out, some armed with machine guns. These people loaded the plane with more than forty heavy boxes.

After this, several mysterious men arrived and also entered the plane. The loading was carried out in a hurry. After unloading, the plateless cars immediately left the runway, and the plane took off on an emergency basis.

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My Comment: I have two friends who are in the Ukraine parliament .... and I asked both of them during the summer if the following report was true .... The Latest Heist: US Quietly Snatches the Ukraine’s Gold Reserves (21st Century Wire).

I am still waiting for an answer .... but Zero Hedge has probably answered it.

Moscow Stockpiles Gold As Russia Prepares For Economic War

An employee holds an ingot of gold at the precious metals safe vault of the Central Bank in Moscow January 24, 2011. Credit: Reuters/Sergei Karpukhin

Putin Stockpiles Gold As Russia Prepares For Economic War -- The Telegraph

Russia's central bank added to its reserves of bullion in the third quarter, according to the latest report from the World Gold Council

Russia has taken advantage of lower gold prices to pack the vaults of its central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.

The latest research from the World Gold Council reveals that the Kremlin snapped up 55 tonnes of the precious metal - far more than any other nation - in the three months to the end of September as prices began to weaken.

Vladimir Putin's government is understood to be hoarding vast quantities of gold, having tripled stocks to around 1,150 tonnes in the last decade. These reserves could provide the Kremlin with vital firepower to try and offset the sharp declines in the rouble.

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More News On Russia Stockpiling Of Gold

Putin "Prepares For Economic War", Buys Whopping 55 Tonnes Of Gold In Q3 -- Zero Hedge
Russia stockpiles gold to prop up Central Bank -- UPI
Exclusive: Russian central bank buys up domestic gold output as sanctions bite -- Reuters
Russia Invests In Gold, Buys 55 Metric Tons To Brace Central Bank -- IBTimes
Russia's Gold Rush: Putin Orders Gold Reserve Buying Spree To Beat Western Sanctions -- IBTimes
Russia Buys Most Gold for Reserves Since Financial Crisis of ’98 -- Bloomberg
What’s Driving Russia’s Gold Buying Spree (Video) -- Epoch Times
Putin Is the Biggest Gold Bug -- Bloomberg